Oil News

Crude Oil is trading at $72.45 as of 9:47am, London Time. Crude’s Pool-Position is 46% Long, meaning that most Finotec clients are Selling the Commodity.

Crude Oil drops to $72 a barrel as traders predict high inventories

Crude Oil is trading at $72.45 as of 9:47am, London Time. Crude’s Pool-Position is 46% Long, meaning that most Finotec clients are Selling the Commodity.

Oil extended losses below $72 on Wednesday after sliding 3 percent from its highest since last October a day ago, hit by industry figures showing a hefty rise in U.S. crude stocks and overshadowing upbeat economic data. “A lot of people are expecting a build in crude stocks because last week’s draw was large,” said Tony Nunan, risk manager at Tokyo-based Mitsubishi Corp. Crude Oil is trading at $72.45 as of 9:47am, London Time. Crude’s Pool-Position is 46% Long, meaning that most Finotec clients are Selling the Commodity.